Intrinsic value of Public Storage - PSA

Previous Close

$211.29

  Intrinsic Value

$31.16

stock screener

  Rating & Target

str. sell

-85%

Previous close

$211.29

 
Intrinsic value

$31.16

 
Up/down potential

-85%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as PSA.

We calculate the intrinsic value of PSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 36.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.51
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  2,561
  2,681
  2,808
  2,942
  3,082
  3,230
  3,386
  3,550
  3,723
  3,904
  4,095
  4,295
  4,506
  4,727
  4,960
  5,205
  5,462
  5,732
  6,015
  6,313
  6,627
  6,955
  7,301
  7,664
  8,045
  8,445
  8,866
  9,307
  9,771
  10,258
  10,770
Variable operating expenses, $m
 
  538
  563
  589
  616
  645
  675
  707
  740
  776
  813
  834
  875
  918
  963
  1,011
  1,060
  1,113
  1,168
  1,226
  1,287
  1,351
  1,418
  1,488
  1,562
  1,640
  1,721
  1,807
  1,897
  1,992
  2,091
Fixed operating expenses, $m
 
  705
  723
  741
  759
  778
  798
  818
  838
  859
  881
  903
  925
  948
  972
  996
  1,021
  1,047
  1,073
  1,100
  1,127
  1,156
  1,184
  1,214
  1,244
  1,276
  1,307
  1,340
  1,374
  1,408
  1,443
Total operating expenses, $m
  1,186
  1,243
  1,286
  1,330
  1,375
  1,423
  1,473
  1,525
  1,578
  1,635
  1,694
  1,737
  1,800
  1,866
  1,935
  2,007
  2,081
  2,160
  2,241
  2,326
  2,414
  2,507
  2,602
  2,702
  2,806
  2,916
  3,028
  3,147
  3,271
  3,400
  3,534
Operating income, $m
  1,375
  1,438
  1,523
  1,612
  1,707
  1,807
  1,913
  2,026
  2,144
  2,269
  2,401
  2,558
  2,706
  2,861
  3,025
  3,198
  3,380
  3,572
  3,774
  3,988
  4,213
  4,449
  4,699
  4,962
  5,239
  5,530
  5,837
  6,160
  6,500
  6,858
  7,235
EBITDA, $m
  1,808
  1,899
  2,005
  2,117
  2,235
  2,360
  2,492
  2,631
  2,778
  2,933
  3,097
  3,269
  3,452
  3,644
  3,846
  4,059
  4,284
  4,521
  4,770
  5,033
  5,310
  5,601
  5,908
  6,231
  6,570
  6,928
  7,305
  7,701
  8,118
  8,557
  9,018
Interest expense (income), $m
  0
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  50
  54
  57
  60
  64
  67
  71
  75
  80
  84
  89
Earnings before tax, $m
  1,460
  1,424
  1,508
  1,596
  1,690
  1,789
  1,893
  2,004
  2,121
  2,244
  2,375
  2,530
  2,675
  2,828
  2,990
  3,160
  3,340
  3,530
  3,730
  3,940
  4,162
  4,396
  4,642
  4,902
  5,175
  5,463
  5,766
  6,085
  6,420
  6,774
  7,146
Tax expense, $m
  0
  385
  407
  431
  456
  483
  511
  541
  573
  606
  641
  683
  722
  764
  807
  853
  902
  953
  1,007
  1,064
  1,124
  1,187
  1,253
  1,323
  1,397
  1,475
  1,557
  1,643
  1,734
  1,829
  1,929
Net income, $m
  1,454
  1,040
  1,101
  1,165
  1,233
  1,306
  1,382
  1,463
  1,548
  1,638
  1,733
  1,847
  1,953
  2,065
  2,183
  2,307
  2,438
  2,577
  2,723
  2,876
  3,038
  3,209
  3,389
  3,578
  3,778
  3,988
  4,209
  4,442
  4,687
  4,945
  5,217

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,130
  10,433
  10,927
  11,447
  11,994
  12,570
  13,176
  13,814
  14,485
  15,190
  15,932
  16,712
  17,532
  18,394
  19,300
  20,251
  21,251
  22,302
  23,406
  24,566
  25,784
  27,064
  28,408
  29,820
  31,303
  32,861
  34,497
  36,215
  38,020
  39,915
  41,905
Adjusted assets (=assets-cash), $m
  9,946
  10,433
  10,927
  11,447
  11,994
  12,570
  13,176
  13,814
  14,485
  15,190
  15,932
  16,712
  17,532
  18,394
  19,300
  20,251
  21,251
  22,302
  23,406
  24,566
  25,784
  27,064
  28,408
  29,820
  31,303
  32,861
  34,497
  36,215
  38,020
  39,915
  41,905
Revenue / Adjusted assets
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  8,778
  9,189
  9,624
  10,081
  10,564
  11,071
  11,605
  12,167
  12,757
  13,379
  14,032
  14,719
  15,441
  16,200
  16,998
  17,836
  18,717
  19,642
  20,615
  21,636
  22,709
  23,836
  25,020
  26,264
  27,570
  28,942
  30,383
  31,896
  33,485
  35,154
  36,907
Working capital, $m
  0
  -193
  -202
  -212
  -222
  -233
  -244
  -256
  -268
  -281
  -295
  -309
  -324
  -340
  -357
  -375
  -393
  -413
  -433
  -455
  -477
  -501
  -526
  -552
  -579
  -608
  -638
  -670
  -704
  -739
  -775
Total debt, $m
  391
  424
  460
  497
  537
  578
  622
  668
  716
  767
  820
  876
  935
  997
  1,063
  1,131
  1,203
  1,279
  1,358
  1,442
  1,529
  1,622
  1,718
  1,820
  1,927
  2,039
  2,157
  2,280
  2,410
  2,547
  2,690
Total liabilities, $m
  718
  751
  787
  824
  864
  905
  949
  995
  1,043
  1,094
  1,147
  1,203
  1,262
  1,324
  1,390
  1,458
  1,530
  1,606
  1,685
  1,769
  1,856
  1,949
  2,045
  2,147
  2,254
  2,366
  2,484
  2,607
  2,737
  2,874
  3,017
Total equity, $m
  9,412
  9,682
  10,140
  10,622
  11,130
  11,665
  12,228
  12,819
  13,442
  14,097
  14,785
  15,509
  16,270
  17,070
  17,910
  18,793
  19,721
  20,696
  21,721
  22,797
  23,928
  25,115
  26,363
  27,673
  29,050
  30,495
  32,013
  33,608
  35,282
  37,041
  38,888
Total liabilities and equity, $m
  10,130
  10,433
  10,927
  11,446
  11,994
  12,570
  13,177
  13,814
  14,485
  15,191
  15,932
  16,712
  17,532
  18,394
  19,300
  20,251
  21,251
  22,302
  23,406
  24,566
  25,784
  27,064
  28,408
  29,820
  31,304
  32,861
  34,497
  36,215
  38,019
  39,915
  41,905
Debt-to-equity ratio
  0.042
  0.040
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
Adjusted equity ratio
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,454
  1,040
  1,101
  1,165
  1,233
  1,306
  1,382
  1,463
  1,548
  1,638
  1,733
  1,847
  1,953
  2,065
  2,183
  2,307
  2,438
  2,577
  2,723
  2,876
  3,038
  3,209
  3,389
  3,578
  3,778
  3,988
  4,209
  4,442
  4,687
  4,945
  5,217
Depreciation, amort., depletion, $m
  433
  461
  482
  505
  528
  552
  578
  605
  634
  664
  695
  711
  746
  783
  821
  862
  904
  949
  996
  1,045
  1,097
  1,152
  1,209
  1,269
  1,332
  1,398
  1,468
  1,541
  1,618
  1,698
  1,783
Funds from operations, $m
  2,029
  1,501
  1,583
  1,670
  1,761
  1,858
  1,960
  2,068
  2,182
  2,302
  2,429
  2,558
  2,699
  2,847
  3,004
  3,169
  3,343
  3,526
  3,718
  3,922
  4,135
  4,360
  4,597
  4,847
  5,109
  5,386
  5,677
  5,983
  6,305
  6,643
  7,000
Change in working capital, $m
  84
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
Cash from operations, $m
  1,945
  1,510
  1,592
  1,679
  1,771
  1,869
  1,971
  2,080
  2,194
  2,315
  2,443
  2,572
  2,714
  2,863
  3,021
  3,186
  3,361
  3,545
  3,739
  3,943
  4,158
  4,384
  4,622
  4,873
  5,137
  5,415
  5,707
  6,014
  6,338
  6,678
  7,036
Maintenance CAPEX, $m
  0
  -424
  -444
  -465
  -487
  -510
  -535
  -561
  -588
  -616
  -646
  -678
  -711
  -746
  -783
  -821
  -862
  -904
  -949
  -996
  -1,045
  -1,097
  -1,152
  -1,209
  -1,269
  -1,332
  -1,398
  -1,468
  -1,541
  -1,618
  -1,698
New CAPEX, $m
  -768
  -412
  -435
  -458
  -482
  -507
  -534
  -562
  -591
  -621
  -653
  -687
  -722
  -759
  -798
  -838
  -881
  -925
  -972
  -1,021
  -1,073
  -1,127
  -1,184
  -1,244
  -1,306
  -1,372
  -1,441
  -1,513
  -1,589
  -1,669
  -1,753
Cash from investing activities, $m
  -717
  -836
  -879
  -923
  -969
  -1,017
  -1,069
  -1,123
  -1,179
  -1,237
  -1,299
  -1,365
  -1,433
  -1,505
  -1,581
  -1,659
  -1,743
  -1,829
  -1,921
  -2,017
  -2,118
  -2,224
  -2,336
  -2,453
  -2,575
  -2,704
  -2,839
  -2,981
  -3,130
  -3,287
  -3,451
Free cash flow, $m
  1,228
  674
  714
  757
  802
  851
  903
  957
  1,016
  1,077
  1,143
  1,207
  1,281
  1,358
  1,440
  1,527
  1,619
  1,715
  1,818
  1,926
  2,040
  2,160
  2,287
  2,421
  2,562
  2,711
  2,868
  3,033
  3,208
  3,392
  3,585
Issuance/(repayment) of debt, $m
  77
  33
  36
  37
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
  79
  84
  88
  92
  97
  102
  107
  112
  118
  124
  130
  136
  143
Issuance/(repurchase) of shares, $m
  299
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  357
  33
  36
  37
  39
  41
  44
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
  79
  84
  88
  92
  97
  102
  107
  112
  118
  124
  130
  136
  143
Total cash flow (excl. dividends), $m
  1,585
  707
  749
  794
  842
  892
  946
  1,003
  1,064
  1,128
  1,196
  1,264
  1,340
  1,420
  1,505
  1,596
  1,691
  1,791
  1,897
  2,009
  2,127
  2,252
  2,384
  2,522
  2,669
  2,823
  2,986
  3,157
  3,338
  3,528
  3,729
Retained Cash Flow (-), $m
  -241
  -454
  -458
  -482
  -508
  -535
  -563
  -592
  -623
  -655
  -688
  -724
  -761
  -800
  -840
  -883
  -928
  -975
  -1,024
  -1,076
  -1,131
  -1,188
  -1,248
  -1,310
  -1,376
  -1,446
  -1,518
  -1,594
  -1,675
  -1,759
  -1,847
Prev. year cash balance distribution, $m
 
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  437
  291
  312
  334
  358
  384
  412
  441
  473
  508
  540
  579
  621
  665
  712
  763
  816
  873
  933
  997
  1,064
  1,136
  1,212
  1,292
  1,377
  1,467
  1,563
  1,663
  1,770
  1,882
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  419
  267
  271
  275
  277
  278
  278
  276
  272
  266
  256
  247
  236
  223
  209
  194
  178
  161
  144
  127
  110
  94
  79
  66
  54
  43
  34
  26
  19
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Public Storage is a real estate investment trust (REIT). The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe. As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name.

FINANCIAL RATIOS  of  Public Storage (PSA)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 14.3
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow 31.1
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 63.1%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.2%
Total Debt to Equity 4.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 13.2%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 73.8%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin 73.9%
EBITDA Margin - 3 Yr. Avg. 73.3%
Operating Margin 53.7%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 57%
Pre-Tax Margin - 3 Yr. Avg. 55.1%
Net Profit Margin 56.8%
Net Profit Margin - 3 Yr. Avg. 54.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 103.6%

PSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSA stock intrinsic value calculation we used $2561 million for the last fiscal year's total revenue generated by Public Storage. The default revenue input number comes from 2016 income statement of Public Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSA stock valuation model: a) initial revenue growth rate of 4.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PSA is calculated based on our internal credit rating of Public Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Public Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSA stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $688 million in the base year in the intrinsic value calculation for PSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Public Storage.

Corporate tax rate of 27% is the nominal tax rate for Public Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSA are equal to 342.7%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Public Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSA is equal to -7.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9412 million for Public Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 174.02 million for Public Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Public Storage at the current share price and the inputted number of shares is $36.8 billion.

RELATED COMPANIES Price Int.Val. Rating
CUBE CubeSmart 29.13 2.30  str.sell
EXR Extra Space St 87.42 4.46  str.sell
LSI Life Storage 89.00 11.21  str.sell
NSA National Stora 26.41 3.21  str.sell
PSB PS Business Pa 133.99 14.83  str.sell
BLK BlackRock 478.94 2,347.68  str.buy
CNS Cohen&Steers 44.70 36.57  hold

COMPANY NEWS

▶ Public Storage Launches Holiday Stories Video Contest   [Nov-17-17 02:02PM  Business Wire]
▶ 10 More Simply Safe Dividend Stocks for Retirement   [Nov-13-17 02:24PM  InvestorPlace]
▶ 3 Top Quality Stocks for November 2017   [06:00AM  Investopedia]
▶ Is Public Storage (PSA) Undervalued?   [Nov-02-17 08:22PM  Simply Wall St.]
▶ New Public Storage Units Open in Plano, Texas   [Oct-30-17 02:30PM  Business Wire]
▶ Public Storage to Host Earnings Call   [Oct-26-17 09:00AM  ACCESSWIRE]
▶ Public Storage reports 3Q results   [06:36AM  Associated Press]
▶ Real Estate: Enter With Caution   [07:00AM  Morningstar]
▶ 3 Stocks You Don't Have to Babysit   [Sep-23-17 04:34PM  Motley Fool]
▶ How Public Storages Dividend Yield Compares   [Sep-18-17 11:15AM  Market Realist]
▶ Public Storage Provides Further Hurricane Irma Update   [Sep-15-17 08:12PM  Business Wire]
▶ Public Storage Provides Hurricane Irma Update   [Sep-12-17 05:53PM  Business Wire]
▶ Public Storage Provides Hurricane Irma and Harvey Updates   [Sep-10-17 05:17PM  Business Wire]
▶ Public Storage Provides Further Hurricane Harvey Update   [Aug-30-17 08:51PM  Business Wire]
▶ Public Storage Provides Hurricane Harvey Update   [Aug-28-17 10:09PM  Business Wire]
▶ 2 Stocks That Turned $10,000 Into $400,000 or More   [Aug-14-17 08:07AM  Motley Fool]
▶ This High-Yield Stock Just Went on Sale   [Jul-28-17 09:00AM  Motley Fool]
▶ Investor Network: Public Storage to Host Earnings Call   [Jul-27-17 09:50AM  ACCESSWIRE]
▶ 3 Great Stocks for Your Roth IRA   [07:47AM  Motley Fool]
▶ Public Storage reports 2Q results   [01:06AM  Associated Press]
▶ How Analysts View Public Storage   [09:06AM  Market Realist]
▶ Public Storage and the Growing US Economy   [10:37AM  Market Realist]
▶ New Humble, Texas, Storage Units Opened at Public Storage   [Jul-24-17 08:48PM  Business Wire]
▶ What Lies Ahead for Public Storage in 2Q17   [07:41AM  Market Realist]
▶ ETFs with exposure to Public Storage : July 14, 2017   [Jul-14-17 04:23PM  Capital Cube]
▶ Public Storage: Buy the Dip?   [Jul-06-17 07:41AM  Motley Fool]
▶ 2 Great Stocks You Can Buy and Hold Forever   [Jun-28-17 08:42AM  Motley Fool]
▶ How Analysts View Public Storage   [07:36AM  Market Realist]
▶ How the Pro-American Environment Boosts Self-Storage   [Jun-26-17 10:37AM  Market Realist]
▶ [$$] Self-Storage Startups Offer Pickup and Delivery   [Jun-21-17 01:02AM  The Wall Street Journal]
▶ Clutter raises $64 million for on-demand storage   [Jun-14-17 02:41PM  American City Business Journals]
▶ How To Find Bargain REITs With 250% Upside   [Jun-08-17 08:38AM  Forbes]
▶ Why REIT Income Investors Buy Preferred Stocks   [May-31-17 10:28PM  Forbes]
Financial statements of PSA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.